Answer
Jan 12, 2021 - 06:52 PM
Allowing customers to split payments has demonstrably increased conversion rates, especially for costlier items. In one instance, we saw an 800%+ increase in conversion rate by allowing ten installment payments on an expensive piece of jewelry. The merchant was based in Brazil and they made the change during a recession (after the boom years of Lula Da Silva)!
While such a huge lift is rare, for expensive items you can expect to sell more by offering flexible payment terms.
Other benefits of offering installment payments include:
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Brand loyalty: When someone transacts with you several times, that is multiple touch points with your brand. Familiarity breeds--not contempt--but brand recognition
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The interest charged is another revenue stream
For WooCommerce, there are luckily quite a number of plugins that can help you in this. Let's look at five of them below.
1. WOOCOMMERCE DEPOSITS
To get this plugin, you will fork out $179 for a single site, $229 for five sites, and $279 for the 25 site subscription.
With WooCommerce Deposits, you can create whatever payment schedule that suits your strategy and have a smooth checkout flow for your customers.
A few advantages are:
• It sends out automatic email reminders so you avoid missed payments.
• Your customers can choose the deposit type; whether a percentage or a fixed value.
• You have full control over shipping fees, taxes, and other payments.
• It is the official plugin for partial payments for WooCommerce so you're ensured of plenty of support.
Some Disadvantages include:
• You have to handle refunds manually because automatic refunds are not supported.
• The plugin will not store customer's credit card information so repeat customers have to enter their details each time.
• It does not support recurring payments.
• It doesn't feature refundable security deposits.
Image credit: Pixabay
2. SUMO WOOCOMMERCE PAYMENT PLANS
With this plugin, you can have a licence from $39 for the regular licence.
Sumo WooCommerce Payment Plans comes packed with many features and is flexible as well so you can tailor it to fit your needs perfectly.
Some advantages include:
• You can choose to make deposits mandatory or optional for different items in your store.
• Is extremely comprehensive.
• Will work with any theme that's supported by WooCommerce.
• You can charge interest when a customer exceeds the deadline instead of removing the option to make payments.
A few Disadvantages are:
• It is not the official WooCommerce partial payments plugin so there may not be a lot of resources for it.
• It may have bugs as plugins often do and you will have to rely on their customer support as opposed to WooCommerce.
3. WOOCOMMERCE DEPOSITS PARTIAL PAYMENTS PLUGIN
For this premium WordPress and WooCommerce plugin, you will pay $49 for a basic licence and $89 for a pro licence.
A few advantages are:
• It is affordable and efficient.
• Highly customizable and has great support.
• You can choose to offer the deposits option to either some specific products or to everything in your store.
Some Disadvantages are:
• It is not as comprehensive as other plugins.
• There are not too many online resources for it.
Image credit: Pixabay
4. YITH WOOCOMMERCE DEPOSITS AND DOWN PAYMENTS
If you pick Yith WooCommerce Deposits plugin, you can set different deposit options for different individuals. It will cost you around $133 USD.
It has similar features to most other plugins like the ability to let customers choose either a percentage or a fixed price for making deposits.
A few advantages are:
• Customers who have made a purchase can pay a deposit first then complete the whole payment later.
• You can refund customers' deposits when they don't complete payment in time.
Some Disadvantages include:
• There is no option to charge interest and extend the payment period for a product once it lapses.
• Lacks online resources and support will be from the plugin's creators as opposed to WooCommerce.
• Because it's designed specifically for two-part payments, it's not as flexible as plugins like Tyche Deposits on which you can have more than two payment installments.
5. TYCHE DEPOSITS FOR WOOCOMMERCE
This fifth plugin enables store owners to receive partial payments over any timeframe they choose be it days, weeks, months, or even years. It will cost you $99 to get on board and start using it in your store.
Some advantages are:
• You can set up different payment plans for a single product.
• Block the use of vouchers and coupons on part payments.
• It is compatible with all the payment options used by WooCommerce.
Some Disadvantages are:
• Not the official plugin by WooCommerce so support has to be from the developers.
• Does not offer refundable security deposits.
Pay Later Options
If you would rather not deal with plugins, you could also use solutions like AfterPay, Affirm and Klarna, all of which help defer large upfront payments and increase conversion rates. Just expect to make about 8% less on the sale.
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